Business
First Bank Announces Increase to Quarterly Cash Dividend
HAMILTON, N.J., Oct. 25, 2021 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced that, on October 19, 2021, its Board of Directors
About this update from First Bank
[{"type":"text","content":"HAMILTON, N.J., Oct. 25, 2021 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced that, on October 19, 2021, its Board of Directors declared a quarterly cash dividend of $0.06 per share to common stockholders of record at the close of business on November 5, 2021, payable on November 19, 2021. “First Bank is deeply committed to driving long-term value for our shareholders through our quarterly cash dividend,” said Patrick L. Ryan, President and Chief Executive Officer. “In recognition of our strong financial position and confidence in our strategy to continue to grow, the Board of Directors has approved an increase to the quarterly dividend to $0.06, representing an annualized yield of 1.57% based on our stock’s $15.25 closing price on October 19, 2021.” The $0.06 dividend reflects a 100% increase from the cash dividend of $0.03 per share declared during the linked and prior year quarters and equates to a dividend payout ratio of just over 13% utilizing June 30, 2021 quarterly results. About First Bank First Bank is a New Jersey state-chartered bank with 16 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington, Hamilton, Lawrence, Pennington, Randolph, Somerset and Williamstown, New Jersey and Doylestown, Trevose, Warminster and West Chester, Pennsylvania. With $2.4 billion in assets as of June 30, 2021, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol “FRBA.” Forward Looking Statements This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing i...